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  • FIRST POST
    • adandem
    • By adandem 13th Jan 18, 9:05 AM
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    adandem
    Endowment policy ending this year
    • #1
    • 13th Jan 18, 9:05 AM
    Endowment policy ending this year 13th Jan 18 at 9:05 AM
    Hi, we have 2 policies due to mature this year.
    The first one is in May and the second September.
    Could anyone please tell me when we are likely to hear what the final settlement will be?
    I'm not entirely sure how it will work with our mortgage as we have 6 years to run on it and it's part repayment and part interest only. When we have overpaid before it's come off the repayment.
    Thanks in advance.
Page 1
    • Thrugelmir
    • By Thrugelmir 13th Jan 18, 11:24 AM
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    Thrugelmir
    • #2
    • 13th Jan 18, 11:24 AM
    • #2
    • 13th Jan 18, 11:24 AM
    Definately only when the policies mature. Though you should have received annual statements for the policies. Which will provide a good indication of the final pay outs with only a such period of time to run.
    “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble”
    ― Warren Buffett
    • Preacher64
    • By Preacher64 13th Jan 18, 11:30 AM
    • 10 Posts
    • 7 Thanks
    Preacher64
    • #3
    • 13th Jan 18, 11:30 AM
    • #3
    • 13th Jan 18, 11:30 AM
    I got an estimated value on maturity around 6-8 weeks before the policy ended which included the terminal bonus. When the policy matured, I received the estimated value down to the penny. This was on a Royal London policy (ex CIS).
    • dunstonh
    • By dunstonh 13th Jan 18, 2:04 PM
    • 90,375 Posts
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    dunstonh
    • #4
    • 13th Jan 18, 2:04 PM
    • #4
    • 13th Jan 18, 2:04 PM
    With Conventional With Profits plans, they can often set the figure you will get almost a year in advance. With unit linked funds, they wont know until the day and use the standard projection methods set by the regulator.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • silvercar
    • By silvercar 13th Jan 18, 3:49 PM
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    silvercar
    • #5
    • 13th Jan 18, 3:49 PM
    • #5
    • 13th Jan 18, 3:49 PM
    Now is the time to make sure they have your correct contact details and to decide where you want the proceeds paid.
    Also decide how you will repay the remainder of your mortgage.
    • adandem
    • By adandem 13th Jan 18, 6:10 PM
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    adandem
    • #6
    • 13th Jan 18, 6:10 PM
    • #6
    • 13th Jan 18, 6:10 PM
    Now is the time to make sure they have your correct contact details and to decide where you want the proceeds paid.
    Also decide how you will repay the remainder of your mortgage.
    Originally posted by silvercar
    It seems very surreal after paying for the policy for 25 years.
    We will continue with the repayment element of the mortgage for now. I think we should should get more than we've allowed for on the interest only part of the loan but we'll use any excess to overpay.
    • fewcloudy
    • By fewcloudy 15th Jan 18, 11:45 AM
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    fewcloudy
    • #7
    • 15th Jan 18, 11:45 AM
    • #7
    • 15th Jan 18, 11:45 AM
    I received a letter last week with an estimated value and forms for us to return with signatures etc. Policy is due to mature early in April. So I guess that is about 3 months.


    Have to say the figure is lower than I thought it might be, based on recent statements. I was in a hurry and didn't read it carefully yet, so don't know if that was final figure or there is a bonus to be added.


    It's Royal London, can't remember who it was before that but it started off as Abbey National. Not required for mortgage, thank God, and is one of several due to mature over the year. This is the smallest, meant to pay out £14800, valuation in letter was £10000. Statement in May last year said estimate £11000 at lowest growth projection, 1.5%. Hmmm...


    fc
    Feb 2008, 20year tracker with Sprogget and Sylvester, 0.5% + base for 2 years, then 0.99% + base for life of mortgage. Kudos to my mortgage broker...
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